Armada Hoffler Properties, Inc. (NYSE: AHH) today announced
its results for the quarter ended June 30, 2020 and provided
an update on current events and the impact of COVID-19.
Second Quarter and Recent Highlights:
- Net income attributable to common stockholders and OP Unit
holders of $11.2 million, or $0.14 per diluted share, compared to
$6.0 million, or $0.08 per diluted share, for the three months
ended June 30, 2019.
- Funds from operations attributable to common stockholders and
OP Unit holders ("FFO") of $22.0 million, or $0.28 per diluted
share, compared to $19.1 million, or $0.27 per diluted share, for
the three months ended June 30, 2019. See "Non-GAAP Financial
Measures."
- Normalized funds from operations attributable to common
stockholders and OP Unit holders ("Normalized FFO") of $22.6
million, or $0.29 per diluted share, compared to $21.2 million, or
$0.30 per diluted share, for the three months ended June 30,
2019.
- Issued updated 2020 full-year Normalized FFO guidance in the
range of $1.09 to $1.13 per diluted share. The Company's executive
management will provide further details regarding its 2020 earnings
guidance during today's webcast and conference call.
- Core operating property portfolio occupancy at 93.6% as of
June 30, 2020 compared to 95.6% as of March 31, 2020. The
Company's June 30, 2020 occupancy includes office at 97.0%, retail
at 95.1%, and multifamily at 87.9%. Without the seasonal effect of
the student housing properties, multifamily occupancy was 93.9%,
which is higher than the sector's occupancy of 93.5% at March 31,
2020.
- Positive releasing spreads on office lease renewals during the
second quarter of 8.6% on a GAAP basis and 4.7% on a cash basis.
Positive releasing spreads on retail lease renewals during the
second quarter of 7.7% on a GAAP basis and 5.5% on a cash
basis.
- Collected 87% of portfolio rents for the second quarter,
including 100% of office tenant rents, 99% of multifamily tenant
rents, and 72% of retail tenant rents. See pages 27-28 of the
supplemental financial package for more details.
- Collected 93% of portfolio rents for the month of July,
including 100% of office tenant rents, 97% of multifamily tenant
rents, and 86% of retail tenant rents.
- Ended the second quarter with $193.7 million of third-party
construction backlog. All third-party construction sites remain
active and fully operational.
- Sold a portfolio of seven unencumbered retail assets comprising
over 630,000 square feet, or 15% of the Company's retail portfolio,
for $90.0 million.
- Terminated the 69,000 square foot lease with WeWork for the top
two floors of the Wills Wharf office building at Harbor Point on
the Baltimore waterfront.
- Board of Directors declared third quarter cash dividend of
$0.11 per common share payable on October 8, 2020 to stockholders
of record on September 30, 2020.
- Board of Directors declared cash dividend of $0.421875 per
share on its Series A Cumulative Redeemable Perpetual Preferred
Stock payable on October 15, 2020 to stockholders of record on
October 1, 2020.
- Student housing portfolio 95% pre-leased for the 2020-2021
academic year.
"Although there remains a fair amount of uncertainty surrounding
the effects of the virus on the economy, I am pleased to report
that the first half of 2020 represented the strongest six months of
earnings in our Company's history," said Louis Haddad, President
& CEO. "We believe that with our multiple property types and
operating divisions, we will thrive in what will likely be a slow
and uneven return to normalcy over the next 18 to 24 months. Over
the next few quarters, we believe that investors will recognize the
demonstrable strength of our diversified model, the quality of our
portfolio, the value of our construction and development platforms,
and the determination of our management team, one that has
successfully guided this Company through the previous four economic
downturns."
Financial Results
Net income attributable to common stockholders and OP Unit
holders for the second quarter increased to $11.2 million compared
to $6.0 million for the second quarter of 2019. The
period-over-period change was primarily due to increased operating
income from the property portfolio as a result of property
acquisitions and the completion of development projects.
Additionally, the increase was caused by the gain on sale recorded
upon the disposition of operating properties during the second
quarter of 2020 and changes in fair value of interest rate
derivatives. These increases were partially offset by a decrease in
interest income and an increase in the allowance for bad debt
(recorded as an adjustment to rental revenues) in the retail
portfolio as a result of the COVID-19 pandemic.
Normalized FFO attributable to common stockholders and OP Unit
holders for the second quarter increased to $22.6 million compared
to $21.2 million for the second quarter of 2019. FFO attributable
to common stockholders and OP Unit holders for the second quarter
increased to $22.0 million compared to $19.1 million for the second
quarter of 2019. The period-over-period changes in Normalized FFO
and FFO were positively impacted by property acquisitions and
completion of development projects. These increases in Normalized
FFO and FFO were partially offset by decreased interest income and
an increase in the allowance for bad debt (recorded as an
adjustment to rental revenues) in the retail portfolio as a result
of the COVID-19 pandemic.
Operating Performance
At the end of the second quarter, the Company’s office, retail
and multifamily core operating property portfolios were 97.0%,
95.1% and 87.9% occupied, respectively. Without the seasonal effect
of the student housing properties, multifamily occupancy was 93.9%,
which is higher than the sector's occupancy of 93.5% at March 31,
2020.
Total construction contract backlog was $193.7 million at the
end of the second quarter.
Balance Sheet and Financing Activity
As of June 30, 2020, the Company had $956.7 million of
total debt outstanding, including $80.0 million outstanding under
its revolving credit facility and $205.0 million under its senior
unsecured term loan facility. Total debt outstanding excludes
unamortized GAAP fair value adjustments and deferred financing
costs. Approximately 61% of the Company’s debt had fixed interest
rates or was subject to interest rate swaps as of June 30,
2020. After giving effect to LIBOR interest rate caps with strike
prices at or below 275 basis points as of June 30, 2020, 100%
of the Company’s debt was either fixed or hedged.
As part of the sale of seven unencumbered retail assets, the
Company repaid $61.9 million on its revolving credit facility. As
of June 30, 2020, the outstanding balance on the revolving credit
facility was $80.0 million; as a result of the sale of the retail
assets and the related reduction in our unencumbered base,
borrowing capacity under the revolving credit facility was reduced
to $100.0 million from $150.0 million. The Company has no debt
maturing during the remainder of 2020.
The Company is currently in compliance with all debt
covenants.
Outlook
The Company issued updated 2020 full-year Normalized FFO
guidance in the range to $1.09 to $1.13 per diluted share. The
following table updates the Company's assumptions underpinning this
forecast. The Company's executive management will provide further
details regarding its 2020 earnings guidance during today's webcast
and conference call.
Full-year 2020 Guidance [1] |
|
Expected Ranges |
Total NOI |
|
$107.0M |
|
$108.9M |
Construction Segment Gross
Profit |
|
$7.3M |
|
$8.0M |
G&A Expenses |
|
$12.9M |
|
$13.5M |
Mezzanine Interest Income |
|
$19.5M |
|
$20.0M |
Interest Expense |
|
$29.3M |
|
$30.3M |
Normalized FFO per diluted share [2] |
|
|
$1.09 |
|
|
$1.13 |
|
|
|
|
|
|
|
[1] Includes the following assumptions:
- Disposition of two unencumbered assets for $13M in cash
proceeds at the end of the third quarter
- Acquisition of Nexton Square and Edison Apartments in the third
quarter
- Assumes additional termination fees will be recognized in
2020
- An additional $1.5M of bad debt write offs for the remainder of
2020
- Interest expense is calculated based on Forward LIBOR Curve,
which forecasts rates ending the year at 0.16%
- Opportunistic use of the preferred stock ATM
[2] Normalized FFO excludes certain items, including debt
extinguishment losses, acquisition, development and other pursuit
costs, mark-to-market adjustments for interest rate derivatives,
amortization of right-of-use assets attributable to finance leases,
severance related costs, and other non-comparable items. See
"Non-GAAP Financial Measures." The Company does not provide a
reconciliation for its guidance range of Normalized FFO per diluted
share to net income per diluted share, the most directly comparable
forward-looking GAAP financial measure, because it is unable to
provide a meaningful or accurate estimate of reconciling items and
the information is not available without unreasonable effort as a
result of the inherent difficulty of forecasting the timing and/or
amounts of various items that would impact net income per diluted
share. For the same reasons, the Company is unable to address the
probable significance of the unavailable information and believes
that providing a reconciliation for its guidance range of
Normalized FFO per diluted share would imply a degree of precision
for its forward-looking net income per diluted share that could be
misleading to investors.
Supplemental Financial Information
Further details regarding operating results, properties and
leasing statistics can be found in the Company’s supplemental
financial package available at www.ArmadaHoffler.com.
Webcast and Conference Call
The Company will host a webcast and conference call on Tuesday,
August 4, 2020 at 8:30 a.m. Eastern Time to review
financial results and discuss recent events. The live webcast will
be available through the Investors page of the Company’s
website, www.ArmadaHoffler.com. To participate in the call, please
dial 877-407-3982 (domestic) or 201-493-6780
(international). A replay of the conference call will be
available through Friday, September 4, 2020 by dialing
844-512-2921 (domestic) or 412-317-6671 (international) and
entering the passcode 13704894.
This quarter, given the combined high volume of
conference calls occurring during this time of year generally and
the impact that the COVID-19 virus has had on staffing and capacity
at our conference call provider, we anticipate potential delays if
you dial in to be connected to the live call. As a result we
encourage stockholders and interested parties to join us for the
Company’s earnings results discussion via the webcast link. If you
choose to dial in to the live call please allow extra time to be
connected to the call.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a
vertically-integrated, self-managed real estate investment trust
("REIT") with four decades of experience developing, building,
acquiring, and managing high-quality, institutional-grade office,
retail, and multifamily properties located primarily in the
Mid-Atlantic and Southeastern United States. In addition to
developing and building properties for its own account, the Company
also provides development and general contracting construction
services to third-party clients. Founded in 1979 by Daniel A.
Hoffler, the Company has elected to be taxed as a REIT for U.S.
federal income tax purposes.
Forward-Looking Statements
Certain matters within this press release are discussed using
forward-looking language as specified in the Private Securities
Litigation Reform Act of 1995, and, as such, may involve known and
unknown risks, uncertainties and other factors that may cause the
actual results or performance to differ from those projected in the
forward-looking statement. These forward-looking statements may
include comments relating to the current and future performance of
the Company’s operating property portfolio, the Company’s
development pipeline, the Company’s construction and development
business, including backlog and timing of deliveries and estimated
costs, financing activities, and the Company’s financial outlook
and expectations. For a description of factors that may cause the
Company’s actual results or performance to differ from its
forward-looking statements, please review the information under the
heading “Risk Factors” included in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2019 and the other
documents filed by the Company with the Securities and Exchange
Commission from time to time, including the Company's Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2020.
The Company’s actual future results and trends may differ
materially from expectations depending on a variety of factors
discussed in the Company’s filings with the Securities and Exchange
Commission (the “SEC”). These factors include, without limitation:
(a) the impact of the coronavirus (COVID-19) pandemic on
macroeconomic conditions and economic conditions in the markets in
which the Company operates, including, among others: (i)
disruptions in, or a lack of access to, the capital markets or
disruptions in the Company’s ability to borrow amounts subject to
existing construction loan commitments; (ii) adverse impacts to the
Company’s tenants’ and other third parties’ businesses and
financial condition that adversely affect the ability and
willingness of the Company’s tenants and other third parties to
satisfy their rent and other obligations to the Company, including
deferred rent; (iii) the ability and willingness of the Company’s
tenants to renew their leases with the Company upon expiration of
the leases or to re-lease the Company’s properties on the same or
better terms in the event of nonrenewal or early termination of
existing leases; and (iv) federal, state and local government
initiatives to mitigate the impact of the COVID-19 pandemic,
including additional restrictions on business activities,
shelter-in place orders and other restrictions, and the timing and
amount of economic stimulus or other initiatives; (b) the Company’s
ability to continue construction on development and construction
projects, in each case on the timeframes and on terms currently
anticipated; (c) the Company’s ability to accurately assess and
predict the impact of the COVID-19 pandemic on its results of
operations, financial condition, dividend policy, acquisition and
disposition activities and growth opportunities; and (d) the
Company’s ability to maintain compliance with the covenants under
its existing debt agreements or to obtain modifications to such
covenants from the applicable lenders.
Non-GAAP Financial Measures
The Company calculates FFO in accordance with the standards
established by the National Association of Real Estate Investment
Trusts ("Nareit"). Nareit defines FFO as net income (loss)
(calculated in accordance with GAAP), excluding depreciation and
amortization related to real estate, gains or losses from the sale
of certain real estate assets, gains and losses from change in
control, and impairment write-downs of certain real estate assets
and investments in entities when the impairment is directly
attributable to decreases in the value of depreciable real estate
held by the entity.
FFO is a supplemental non-GAAP financial measure. The Company
uses FFO as a supplemental performance measure because it believes
that FFO is beneficial to investors as a starting point in
measuring the Company’s operational performance. Specifically, in
excluding real estate related depreciation and amortization and
gains and losses from property dispositions, which do not relate to
or are not indicative of operating performance, FFO provides a
performance measure that, when compared period-over-period,
captures trends in occupancy rates, rental rates and operating
costs. We also believe that, as a widely recognized measure of the
performance of REITs, FFO will be used by investors as a basis to
compare the Company’s operating performance with that of other
REITs.
However, because FFO excludes depreciation and amortization and
captures neither the changes in the value of the Company’s
properties that result from use or market conditions nor the level
of capital expenditures and leasing commissions necessary to
maintain the operating performance of the Company’s properties, all
of which have real economic effects and could materially impact the
Company’s results from operations, the utility of FFO as a measure
of the Company’s performance is limited. In addition, other equity
REITs may not calculate FFO in accordance with the Nareit
definition as the Company does, and, accordingly, the Company’s FFO
may not be comparable to such other REITs’ FFO. Accordingly, FFO
should be considered only as a supplement to net income as a
measure of the Company’s performance.
Management also believes that the computation of FFO in
accordance with Nareit’s definition includes certain items that are
not indicative of the results provided by the Company’s operating
property portfolio and affect the comparability of the Company’s
period-over-period performance. Accordingly, management believes
that Normalized FFO is a more useful performance measure that
excludes certain items, including but not limited to, acquisition,
development and other pursuit costs, gains or losses from the early
extinguishment of debt, impairment of intangible assets and
liabilities, mark-to-market adjustments for interest rate
derivatives, provision for unrealized credit losses, amortization
of right-of-use assets attributable to finance leases, severance
related costs, and other non-comparable items.
For reference, as an aid in understanding the Company’s
computation of FFO and Normalized FFO, a reconciliation of net
income calculated in accordance with GAAP to FFO and Normalized FFO
has been included in the final page of this release.
ARMADA HOFFLER PROPERTIES, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(dollars in thousands)
|
|
June 30, 2020 |
|
December 31, 2019 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
Real estate investments: |
|
|
|
|
Income producing property |
|
$ |
1,431,527 |
|
|
$ |
1,460,723 |
|
Held for development |
|
13,607 |
|
|
5,000 |
|
Construction in progress |
|
108,444 |
|
|
140,601 |
|
|
|
1,553,578 |
|
|
1,606,324 |
|
Accumulated depreciation |
|
(232,108 |
) |
|
(224,738 |
) |
Net real estate investments |
|
1,321,470 |
|
|
1,381,586 |
|
Real estate investments held for
sale |
|
— |
|
|
1,460 |
|
Cash and cash equivalents |
|
70,979 |
|
|
39,232 |
|
Restricted cash |
|
4,132 |
|
|
4,347 |
|
Accounts receivable, net |
|
28,461 |
|
|
23,470 |
|
Notes receivable, net |
|
182,245 |
|
|
159,371 |
|
Construction receivables,
including retentions, net |
|
42,787 |
|
|
36,361 |
|
Construction contract costs and
estimated earnings in excess of billings, net |
|
333 |
|
|
249 |
|
Operating lease right-of-use
assets |
|
32,907 |
|
|
33,088 |
|
Finance lease right-of-use
assets |
|
23,837 |
|
|
24,130 |
|
Acquired lease intangible assets,
net |
|
55,832 |
|
|
68,702 |
|
Other assets |
|
35,883 |
|
|
32,901 |
|
Total Assets |
|
$ |
1,798,866 |
|
|
$ |
1,804,897 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Indebtedness, net |
|
$ |
953,753 |
|
|
$ |
950,537 |
|
Accounts payable and accrued
liabilities |
|
22,705 |
|
|
17,803 |
|
Construction payables, including
retentions |
|
58,253 |
|
|
53,382 |
|
Billings in excess of
construction contract costs and estimated earnings |
|
9,320 |
|
|
5,306 |
|
Operating lease liabilities |
|
41,550 |
|
|
41,474 |
|
Finance lease liabilities |
|
17,928 |
|
|
17,903 |
|
Other liabilities |
|
48,411 |
|
|
63,045 |
|
Total Liabilities |
|
1,151,920 |
|
|
1,149,450 |
|
Total Equity |
|
646,946 |
|
|
655,447 |
|
Total Liabilities and Equity |
|
$ |
1,798,866 |
|
|
$ |
1,804,897 |
|
|
|
|
|
|
|
|
|
|
ARMADA HOFFLER PROPERTIES, INC.CONDENSED
CONSOLIDATED INCOME STATEMENTS(in thousands, except per share
amounts)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(Unaudited) |
Revenues |
|
|
|
|
|
|
|
|
Rental revenues |
|
$ |
39,915 |
|
|
$ |
36,378 |
|
|
$ |
82,204 |
|
|
$ |
67,287 |
|
General contracting and real estate services revenues |
|
57,398 |
|
|
21,444 |
|
|
104,666 |
|
|
38,480 |
|
Total revenues |
|
97,313 |
|
|
57,822 |
|
|
186,870 |
|
|
105,767 |
|
Expenses |
|
|
|
|
|
|
|
|
Rental expenses |
|
8,309 |
|
|
7,915 |
|
|
17,684 |
|
|
14,640 |
|
Real estate taxes |
|
4,233 |
|
|
3,451 |
|
|
8,566 |
|
|
6,579 |
|
General contracting and real estate services expenses |
|
55,342 |
|
|
20,123 |
|
|
100,892 |
|
|
36,409 |
|
Depreciation and amortization |
|
13,777 |
|
|
13,505 |
|
|
28,056 |
|
|
23,409 |
|
Amortization of right-of-use assets - finance leases |
|
146 |
|
|
85 |
|
|
293 |
|
|
85 |
|
General and administrative expenses |
|
2,988 |
|
|
2,951 |
|
|
6,781 |
|
|
6,352 |
|
Acquisition, development and other pursuit costs |
|
502 |
|
|
57 |
|
|
529 |
|
|
457 |
|
Impairment charges |
|
— |
|
|
— |
|
|
158 |
|
|
— |
|
Total expenses |
|
85,297 |
|
|
48,087 |
|
|
162,959 |
|
|
87,931 |
|
Gain on real estate dispositions |
|
2,776 |
|
|
— |
|
|
2,776 |
|
|
— |
|
Operating income |
|
14,792 |
|
|
9,735 |
|
|
26,687 |
|
|
17,836 |
|
Interest income |
|
4,412 |
|
|
5,593 |
|
|
11,638 |
|
|
10,912 |
|
Interest expense on indebtedness |
|
(6,999 |
) |
|
(7,491 |
) |
|
(14,958 |
) |
|
(13,377 |
) |
Interest expense on finance leases |
|
(228 |
) |
|
(112 |
) |
|
(457 |
) |
|
(112 |
) |
Equity in income of unconsolidated real estate entities |
|
— |
|
|
— |
|
|
— |
|
|
273 |
|
Change in fair value of interest rate derivatives |
|
(6 |
) |
|
(1,933 |
) |
|
(1,742 |
) |
|
(3,396 |
) |
Unrealized credit loss release (provision) |
|
117 |
|
|
— |
|
|
(260 |
) |
|
— |
|
Other income (expense), net |
|
286 |
|
|
4 |
|
|
344 |
|
|
64 |
|
Income before taxes |
|
12,374 |
|
|
5,796 |
|
|
21,252 |
|
|
12,200 |
|
Income tax benefit
(provision) |
|
(65 |
) |
|
30 |
|
|
192 |
|
|
140 |
|
Net
income |
|
12,309 |
|
|
5,826 |
|
|
21,444 |
|
|
12,340 |
|
Net loss attributable to
noncontrolling interests in investment entities |
|
44 |
|
|
320 |
|
|
136 |
|
|
320 |
|
Preferred stock dividends |
|
(1,175 |
) |
|
(154 |
) |
|
(2,242 |
) |
|
(154 |
) |
Net income
attributable to common stockholders and OP Unit
holders |
|
$ |
11,178 |
|
|
$ |
5,992 |
|
|
$ |
19,338 |
|
|
$ |
12,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARMADA HOFFLER
PROPERTIES, INC.RECONCILIATION OF NET INCOME TO FFO &
NORMALIZED FFO(in thousands, except per share amounts)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(Unaudited) |
Net income attributable to common stockholders and OP Unit
holders |
|
$ |
11,178 |
|
|
$ |
5,992 |
|
|
$ |
19,338 |
|
|
$ |
12,506 |
|
Depreciation and
amortization(1) |
|
13,644 |
|
|
13,145 |
|
|
27,736 |
|
|
23,274 |
|
Gain on operating real estate
dispositions |
|
(2,776 |
) |
|
— |
|
|
(2,776 |
) |
|
— |
|
FFO attributable to
common stockholders and OP Unit holders |
|
$ |
22,046 |
|
|
$ |
19,137 |
|
|
$ |
44,298 |
|
|
$ |
35,780 |
|
Acquisition, development and
other pursuit costs |
|
502 |
|
|
57 |
|
|
529 |
|
|
457 |
|
Impairment of intangible
assets and liabilities |
|
— |
|
|
— |
|
|
158 |
|
|
— |
|
Unrealized credit loss
provision (release) |
|
(117 |
) |
|
— |
|
|
260 |
|
|
— |
|
Amortization of right-of-use
assets - finance leases |
|
146 |
|
|
85 |
|
|
293 |
|
|
85 |
|
Change in fair value of
interest rate derivatives |
|
6 |
|
|
1,933 |
|
|
1,742 |
|
|
3,396 |
|
Normalized FFO
available to common stockholders and OP Unit holders |
|
$ |
22,583 |
|
|
$ |
21,212 |
|
|
$ |
47,280 |
|
|
$ |
39,718 |
|
Net income
attributable to common stockholders and OP Unit holders per diluted
share and unit |
|
$ |
0.14 |
|
|
$ |
0.08 |
|
|
$ |
0.25 |
|
|
$ |
0.18 |
|
FFO attributable to
common stockholders and OP Unit holders per diluted share and
unit |
|
$ |
0.28 |
|
|
$ |
0.27 |
|
|
$ |
0.57 |
|
|
$ |
0.51 |
|
Normalized FFO
attributable to common stockholders and OP Unit holders per diluted
share and unit |
|
$ |
0.29 |
|
|
$ |
0.30 |
|
|
$ |
0.61 |
|
|
$ |
0.57 |
|
Weighted average common shares
and units - diluted |
|
77,941 |
|
|
71,232 |
|
|
77,806 |
|
|
69,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________________(1) The adjustment for
depreciation and amortization for the three months ended June 30,
2020 and 2019 excludes $0.1 million and $0.4 million, respectively,
of depreciation attributable to the Company's joint venture
partners. The adjustment for depreciation and amortization for the
six months ended June 30, 2020 and 2019 excludes $0.3 million and
$0.4 million, respectively, of depreciation attributable to the
Company's joint venture partners. The adjustment for depreciation
and amortization for the six months ended June 30, 2019 includes
$0.2 million of depreciation attributable to the Company's
investment in One City Center from January 1, 2019 to March 14,
2019, which was an unconsolidated real estate investment during
this period.
Contact:
Michael P. O’HaraArmada Hoffler Properties, Inc.Chief
Financial Officer, Treasurer, and SecretaryEmail:
MOHara@ArmadaHoffler.comPhone: (757) 366-6684
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